One-glance verdict
Within fair range
$15.52 our estimate vs market $18.21
Wall Street consensus: $23.43 (51.0% higher than our fair-value estimate)
17% above our estimate
Fundamentals snapshot
Acadia Realty Trust
AKR · NYQ · Real Estate · REIT - Retail
Current price
$18.21
52-week range
$17.98 - $23.03
Market cap
$2.65B
Balance sheet
Distressed
0.88x Concerning
Net debt $1.64B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 47.4% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Net debt grew 3.5% over 3 years.
- Risk Insider ownership is only 0.5% (peer median: 0.8%).
What this company does
Acadia Realty Trust
Acadia Realty Trust owns and manages shopping centers and open-air retail spaces in popular shopping areas, much like a landlord. Their main money comes from rent collected from the stores they lease space to, which matters because this rent income is generally predictable and helps them make steady profits.
How the company got here
Acadia Realty Trust was founded in 1993 and is a real estate investment trust (REIT) that focuses on retail properties. A REIT is a company that owns, operates, or finances income-producing real estate, and it allows individual investors to invest in large-scale, income-producing real estate without directly buying or managing the properties themselves. Acadia's strategy has evolved to include a dual-core approach, balancing a portfolio of stable, income-generating properties with an investment management platform that pursues opportunistic and value-add investments. This approach allows the company to generate consistent rental income while also seeking higher returns through strategic acquisitions and developments.
What it actually does
Acadia Realty Trust owns and manages a portfolio of retail properties, primarily shopping centers and street-level retail spaces in urban areas. They focus on acquiring, redeveloping, and leasing these properties to a diverse mix of national and local retailers. The company aims to create vibrant retail environments in desirable locations, generating revenue through rental income from its tenants. As a REIT, Acadia is required to distribute a significant portion of its taxable income to shareholders in the form of dividends, making it an income-focused investment for shareholders.
Core REIT Portfolio
Acadia's Core REIT Portfolio is the foundation of its business, representing about 60% of its total revenue. This segment includes both street and urban retail properties, as well as suburban shopping centers. These are high-quality retail assets located in areas with high population density and strong consumer demand, often in difficult-to-replicate locations. The company focuses on active asset management, which includes redeveloping properties and optimizing the tenant mix to ensure stable, long-term rental income and growth.
Investment Management
The Investment Management platform is Acadia's other major business line, making up about 40% of its revenue. Through this segment, Acadia partners with institutional investors to make opportunistic and value-add real estate investments. This means they look for properties that may be undervalued or have potential for significant improvement, often involving development or redevelopment projects. This platform allows Acadia to leverage its expertise in real estate to generate higher returns beyond its core portfolio.
What management is betting on now
Acadia's management is focused on growing shareholder value through a dual-platform strategy that balances stable rental income with opportunistic investments. Key priorities include enhancing the value of their core retail portfolio through strategic leasing and redevelopment, while also expanding their investment management business. They are concentrating on acquiring and improving high-quality retail properties in prime urban locations and dynamic retail corridors, aiming for long-term, profitable growth.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$95.42M
Net income
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Diluted EPS
0.05
Operating cash flow
$58.25M
Free cash flow
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Sources
Revenue
$102.99M
Net income
—
Diluted EPS
0.22
Operating cash flow
$31.36M
Free cash flow
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Sources
Revenue
$306.36M
Net income
$16.90M
Diluted EPS
0.05
Operating cash flow
$41.99M
Free cash flow
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Sources
Revenue
—
Net income
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Diluted EPS
0.03
Operating cash flow
$34.30M
Free cash flow
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Sources
Revenue
$100.59M
Net income
—
Diluted EPS
0.01
Operating cash flow
$64.81M
Free cash flow
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Sources
Revenue
$104.39M
Net income
—
Diluted EPS
0.01
Operating cash flow
$25.89M
Free cash flow
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Sources
Revenue
$93.33M
Net income
$21.65M
Diluted EPS
0.08
Operating cash flow
$37.87M
Free cash flow
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Sources
Revenue
$87.75M
Net income
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Diluted EPS
0.07
Operating cash flow
$44.56M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $15.52 vs current price $18.21
Wall Street consensus is the average analyst price target: $23.43 (51.0% higher than our fair-value estimate).
Our most-likely fair value is $15.52 a share — about 14.8% away from today's price of $18.21, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $1.6B. Interest coverage 0.9x.
Net debt
$1.64B
Interest coverage
0.88x
Acadia Realty Trust's profit covers its interest bill about 0.9 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
AKR
BASELINE
Acadia Realty Trust
Total debt $1.69B Interest coverage 0.88x This is the baseline the peer rows are being compared against.
Total debt $4.85B Interest coverage 2.50x +184% vs AKR Carries about 2.8x more debt cushion than AKR.
Total debt $5.14B Interest coverage 2.82x +220% vs AKR Carries about 3.2x more debt cushion than AKR.
Total debt $5.38B Interest coverage 2.24x +154% vs AKR Carries about 2.5x more debt cushion than AKR.
Total debt $2.91B Interest coverage 1.47x +67% vs AKR Carries about 1.7x more debt cushion than AKR.
Total debt $2.45B Interest coverage 1.79x +103% vs AKR Carries about 2.0x more debt cushion than AKR.
What you should know
The case for and against AKR
3 Rewards
2 Risks
Rewards
-
Revenue grew 47.4% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 4.4% with 34-year payout history.
Risks
-
Net debt grew 3.5% over 3 years.
-
Insider ownership is only 0.5% (peer median: 0.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
53.56x
Forward P/E
48.56x
P/B
1.07x
P/S
6.39x
EV/EBITDA
18.58x
PEG ratio
4.70x
Profitability
How much profit each dollar creates
Gross margin
70.6%
Operating margin
29.9%
Net margin
13.2%
ROE
5.7%
ROA
1.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.63x
Current ratio
1.25x
Quick ratio
0.43x
Total debt
$1.69B
Total cash
$51.37M
Growth
How the business has been compounding
Revenue TTM
$605.37M
Revenue 5Y CAGR
13.1%
EPS TTM
0.34
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$165.89M
Free CF TTM
$166.98M
FCF margin
27.6%
Dividend
Shareholder payout
Yield
4.4%
Payout ratio
235.3%
Last ex-div date
2026-09-30